Bank of America to sell CCB shares
21 April 2008
Bank of America (BofA) is planning to sell part of its 9% stake in China Construction Bank (CCB) to raise capital, according to people familiar with the bank's situation, the Financial Times reported. BofA is reportedly looking for ways to improve its balance sheets after being hit by the credit crunch, while also maintaining good relations with CCB. CCB's shares, which have dropped 46% from their peak in October 2007, are expected to be hit by a BofA sale. Any potential share will likely need to be approved by Chinese regulators. Under an agreement between the two banks, BofA is required to hold onto its shares until October 2008.
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